M2P Fintech is nearing the completion of an $80 million funding round, which includes both primary and secondary transactions. Helios Investment Partners, an Africa-focused investment firm, is spearheading this round alongside Bank Muscat, according to sources familiar with the matter.

Filings with the Registrar of Companies indicate that Helios will contribute approximately $50 million, acquiring nearly 6.5% equity in M2P. Existing investors are also participating, while venture fund Beenext, an early backer of the Chennai-based startup, is planning to divest part of its stake along with some angel investors.

Following this funding round, M2P Fintech, which specializes in core banking software, debit card solutions, and credit operations, is expected to achieve a valuation between $850 million and $900 million, bringing it closer to unicorn status—startups valued at over $1 billion.

The company aims to expand its business beyond India, focusing on the Middle East and Africa, where Helios’s investment aligns with its growth strategy. Additionally, major lenders in the Middle East are reportedly interested in acquiring stakes in M2P.

In January 2022, M2P raised $56 million in a round led by Insight Partners, Better Capital, and Tiger Global Management, which valued the startup at around $600 million. According to Tracxn, M2P reported a net loss of Rs 134 crore on revenues of Rs 488 crore for fiscal 2023.